CIBC Buys FNX Source Code To Develop In-House System
MANAGEMENT AND STRATEGY
Canadian Imperial Bank of Commerce's commodity products group in Toronto has shelved its previous plans to deploy Philadelphia-based FNX Ltd.'s commodity derivatives system. CIBC has instead bought the source code to FNX's applications with a view to pursuing further development of the commodities system in-house.
CIBC has been using a variety of in-house and third-party software to manage its sizable and far-flung commodity trading operations -- which includes wholesale and retail activity. The
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